Russia Central Bank Head Says Crypto Is Dangerous Investment Strategy

The Russia central bank head says crypto is a dangerous investment strategy as the prices of digital assets are extremely volatile and investors are in real danger of losing their investment according to Elvira Nabiullina as we read more in our latest crypto news.

Elvira Nabiullina who is the Russia Central Bank head cautioned the investors to beware of the risks of investing in crypto and opined that digital assets are volatile and warned of appalling losses. The head of the Russian Central Bank shared her opinion on whether people should enter the market. In an interview with the local newspaper Komsomolskaya Pravda she said that investing in crypto is more dangerous than any other strategy:

“Speculative cryptoassets are surely the most dangerous strategies of all. The Central Bank never gives advice, where to invest, but in this particular case – here [one] should definitely not [invest].”

The top banker pointed out that the main issue with the market is its volatility and most people lose colossal sums of money because of it:

”The price is very volatile, losses may be appalling.”

On the other hand, Nabiullina backed up the bank deposits as a good option for investors to stake funds and added that people should be really careful and measure the risks:

”It is necessary to closely explore the products, take a critical look at ads, particularly when you are told that there are no risks here, whereas yields are high, it doesn’t work that way.”

The central bank opined that virtual assets will be the future of the financial world but still believes that the central bank digital currencies and not crypto like BTC will be the new innovation. They will work under government control and one e-rouble will be equal to one cash rouble. The central bank in the country keeps on boosting the negative comments on crypto and trading regulations as one of the wealthiest Russians Oleg Deripaska blamed the institution that the moves are still not as beneficial for the nation.
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The oligarch who was one of the richest men in Russia stated that the largest country by land should follow El Salvador’s example and add BTC as a payment method:

”Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital currencies and taken a simple path, recognizing Bitcoin as a means of payment.”